Senior Resources

Senior Resources

Payment Options

There are various ways of paying for senior living housing and long-term senior care; some of the most frequently accessed sources are summarized here.

  • Private Funds
  • Senior Living Line of Credit
  • Long-Term Care Insurance
  • Supplemental Security Income (SSI)
  • Veteran’s Benefits – Aid and Attendance
  • Life Settlements

Private Funds

Most people pay for independent living, senior assisted living, and CCRCs out of their own pockets with private funds. There are some states which accept Medicaid for assisted living, but there is currently no program on the federal level, and private funds still account for approximately 90 percent of assisted living payments. About one-third of long-term care at nursing facilities is paid with private funds.

Senior Living Line of Credit

Specially tailored for families who want to move to senior living and assisted living, a Senior Living Line of Credit is now available nationwide to help families pay for a loved one’s senior housing and care. This payment option is especially helpful if families’ and seniors’ need time to sell a home or other assets with which to pay for care, or if a senior is waiting for federal benefits to start. Typically structured as a signature or personal line of credit of up to $50,000, these lines of credit allow families to borrow only what is needed on a monthly basis to help finance their loved ones senior housing and care needs. Like any loan, a Senior Living Line of Credit is subject to credit approval. While accepted at thousands of communities across the United States, not all communities may offer such an option.

Long-Term Care Insurance

What is Long-Term Care Insurance?
Long-term care insurance covers the cost of long-term care in certain types of care facilities, depending upon the policy. Policies may cover stay in licensed nursing facilities and home health care. Often, those persons with a sizable asset base may wish to purchase a policy to protect these assets.

Where can Long-Term Care Insurance be Purchased?Long-term care policies are sold by private insurance companies (not all insurance firms offer this type), through agents, mail, and various organizations. Another source is employers, who offer this coverage as a benefit to employees and their parents. An insurance company must be licensed in your state to sell long-term care insurance.

How Much do Policies Cost?Premiums for Long-Term Care Insurance are based on the age of the person at the time of purchase, the benefit amount, the benefit time period, elimination or deductible, and special options (i.e. inflation adjustment, non-forfeiture benefits and spousal discounts).

Supplemental Security Income (SSI)

SSI is a monthly cash payment from the government for eligible individuals in financial need who are aged 65 or older or persons who are blind or have a disability (including children). Typically, a person eligible for SSI payments has no or little income, total assets of less than a few thousand dollars (within certain limits set out in regulations, not including a home used for self support, automobile, values of household goods, personal effects, and life insurance), has U.S. citizenship or qualified alien status, and U.S. residency.

In certain circumstances, the SSI payment may be used towards some housing and care needs of the individual.

The SSI program is run by the Social Security Administration (www.ssa.gov), but the SSI is not the same as Social Security. Money for SSI payments comes from the general fund of the U.S. Treasury, and some states add money to the federal payment.

Veteran's Benefits - Aid and Attendance

If you are a United States veteran or surviving spouse of a veteran, you may qualify for the Aid & Attendance Program and receive monthly benefits to help cover the costs of your senior housing and care.

Aid & Attendance is a Federal benefit that was added onto a need-based pension offered through The Department of Veteran Affairs. It provides benefits for veterans and surviving spouses who need assistance with their activities of daily living and meet specific requirements.

Aid and Attendance can help pay for care in the home, in a nursing home or in an assisted living community. A Veteran is eligible for up to $1,644 per month while a surviving spouse is eligible for up to $1056 per month. Couples are eligible for up to $1,949 per month.*



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